Sherpa Hossainy's Blog

Bangladesh a unique place for investments

Posted in Bangladesh, Business, Dhaka, Economy, Export and Import by Sherpa Hossainy on July 30, 2011

Published in The Independent on 26 July 2011

Read the article on The Independent website

Digital print version

Minister for Industries Dilip Barua on Monday called upon the foreign investors to set up more labour-intensive industries in Bangladesh, terming it as a unique place for investments.

“Bangladesh has the cheapest labour available in the whole world. Investors should move their labour-intensive industries here,” the minister said.

Barua said that the foreign investors can invest without facing any logistical problem, as issues like work permit and environment certificate has been made easy nowadays.

“The foreign investors can easily remit their profit without any problem, or they can invest that back in Bangladesh,” he added.

The minister said that there is no other way but to get industrialised in order to become a mid-income country by 2020.

Barua was speaking in the inauguration ceremony of the 7-day 4th Asian International Trade Expo 2011 at Bangabandhu International Conference Centre in Dhaka.

Conference and Exhibition Management Services Ltd (CEMS) Global in association with CEMS Bangladesh organised the event, which will be open for visitors everyday until 31 July from 11.00am to 9.00pm.

Over 100 exhibitors from 10 countries with exhibit profile like consumer electronics, communication technology, machinery, food and beverage, healthcare products and service, personal care and beauty products, household products, fashion and accessories, arts and crafts.

Barua said exhibitions of this sort are a platform for direct interaction between both the seller and the buyer, which will help in product promotion and business expansion in Asia.

Asia has over 21 per cent contribution to the increase in world GDP, while the sub-continent is the fastest-growing region in the world accounted for over half of the world’s growth since 2001.

Asia Pacific region surged at an annual average rate of 6.3 per cent and South Asia 6.4 per cent, compared with the growth of 3.1 percent in rest of the world.

The minister said despite recent global economic crisis Bangladesh’s consistent growth in GDP, export and remittance depicted substantive and pragmatic economy management.

“There is a favourable investment climate and many local and foreign investment projects are being taken up, which is lauded around the world,” he said.

Bangladesh has been listed in Goldman Sach’s “Next 11” and JP Morgan’s “Frontier Five”. Credit rating agency Standard and Poor (S&P) and Moody’s have also placed Bangladesh ahead of all countries in South Asia, except India.

Aftab ul Islam, president of the American Chamber of Commerce in Bangladesh, said this exhibition will create a B2B platform for businesses and interaction between businesspersons of the Asian countries.

The exhibition revolves around within Asian nations and the next editions are scheduled to be held in other Asian countries in coming years, the organisers said. Bringing the Asian countries together under one roof would also increase trade and bilateral relationship within the Asian region, they added.

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